{"id":3854,"date":"2021-07-02T03:46:50","date_gmt":"2021-07-02T03:46:50","guid":{"rendered":"https:\/\/newsroom.razorpay.in\/?p=3854"},"modified":"2021-07-02T04:25:49","modified_gmt":"2021-07-02T04:25:49","slug":"razorpay-registered-3x-growth-in-payment-volume-through-smbs-that-went-online-for-the-first-time-during-covid-in-2020","status":"publish","type":"post","link":"https:\/\/razorpay.com\/newsroom\/razorpay-registered-3x-growth-in-payment-volume-through-smbs-that-went-online-for-the-first-time-during-covid-in-2020\/","title":{"rendered":"Razorpay Registered 3X Growth in Payment Volume through SMBs that went Online for the First Time during COVID in 2020"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>One out of Three offline businesses preferred Razorpay <\/b><span style=\"font-weight: 400;\">as their online payment partner as they went online for the first time<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">SMBs in <\/span><b>Tier 2 &amp; 3 cities contributed to 54% <\/b><span style=\"font-weight: 400;\">of Razorpay\u2019s digital transaction volume in 2020<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Company aims to <\/span><b>invest further in new Payment Technologies <\/b><span style=\"font-weight: 400;\">to provide businesses with a seamless and secure payment experience<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Onboarded over 7 Lakh new SMBs, Startups, Freelancers<\/b><span style=\"font-weight: 400;\"> in the past 12 months<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><b>INDIA, Bengaluru: <\/b><a href=\"https:\/\/razorpay.com\/?couponCode=NEWYEAR21&amp;version=t1\"><b>Razorpay<\/b><\/a><b>,<\/b><span style=\"font-weight: 400;\"> India\u2019s leading Fintech Unicorn, today announced that it registered 3X growth in payment volumes over the past 12 months, thanks to the thousands of SMBs, especially from Tier 2 &amp; 3 cities, who chose the payment gateway as they went online for the first time. This led to large scale adoption of digital payments across the country, as <\/span><b>Razorpay witnessed over 54% of digital transaction volume coming from SMBs in Tier-2 &amp; 3 cities alone<\/b><span style=\"font-weight: 400;\">. Online transactions in cities like Ahmedabad and Jaipur grew by about 50% within a week&#8217;s time<\/span><i><span style=\"font-weight: 400;\">.<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">The full-stack financial services company aims to further accelerate this digital revolution, by enabling<\/span> <span style=\"font-weight: 400;\">5 million new Indian SMBs to adopt digital payments in the next 12 months, currently the company serves over 5Mn businesses. Razorpay also plans to invest heavily in strengthening the security and fraud analytics infrastructure, along with building hyperlocal solutions to provide a seamless and safe payment experience for all.\u00a0 \u00a0=<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Razorpay also helped provide access to credit to thousands of SMBs through its neo-banking platform, RazorpayX. The company has been disbursing credit of upwards of 250Cr per month, which has helped several Entrepreneurs get access to working capital. The company aims to scale this upto INR 500 Cr per month as it looks to expand its lending offering.\u00a0<\/span><\/p>\n<p><b>Commenting on what led to this increased digital payment adoption, Harshil Mathur, CEO and Co-founder of Razorpay,\u00a0 said,<\/b> <i><span style=\"font-weight: 400;\">\u201cOne of the significant overnight changes we saw in how people were approaching the initial lockdown period of isolation and uncertainty in 2020 was in their digital spending behaviors, especially people from Tier 2 &amp; 3 cities. Online shopping became the new normal but it left the offline businesses grappling with fear of losing their business. Not only the offline businesses but some of the online businesses in the essentials category, bill payments, education among others were also struggling to keep up with demand and ensure business continuity. We wanted to do our bit but not by continuing to offer the existing solutions but build customised solutions to help struggling businesses adapt to the new normal by providing flexible easy-to-integrate payment and banking solutions. Some of these products included Same Day settlements allowing businesses to receive funds in just a few hours instead of the usual 3-5 working days settlement period. Other products launched to help businesses improve their cash flows and manage operational expenses better included Working Capital loans, Instant Refunds, UPI AutoPay and partnerships with stalwarts like Visa &amp; PayPal.&#8221;<\/span><\/i><\/p>\n<p><b>He added,<\/b> <i><span style=\"font-weight: 400;\">\u201cWhile this lockdown has affected the economy in many ways, it feels good to have leveraged the opportunity to be able to support and empower the underserved SMBs, Startups &amp; Freelancers with our payment and banking solutions. We\u2019re not done yet, there\u2019s so much more to do to help SMBs, Startups &amp; Freelancers. While we can\u2019t foresee a lot of things, we believe the new macroeconomic narrative will soon transform and we will continue to work towards strengthening this community of disruptors.\u201d<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">Recently, Razorpay announced a string of new products aimed at empowering the next phase of digital growth for Small Businesses in India. The company launched <\/span><b>Vernacular Language Support<\/b><span style=\"font-weight: 400;\"> i<\/span><b>n 7 languages, India\u2019s first B2B app store, \u201cRazorpay Trusted Badge\u201d <\/b><span style=\"font-weight: 400;\">to help improve conversions for new businesses,<\/span><b> and Group Health Insurance for companies with as less as two employees. <\/b><span style=\"font-weight: 400;\">The Fintech unicorn has also been steadily growing its neobanking arm, RazorpayX which serves more than 10,000 businesses today and is the leading B2B neobank in the country.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In the last six months, Razorpay has witnessed 40% month-on-month growth. The company was recently crowned one of the leading FinTech Unicorns with the Series-D fundraise of $100Mn. Razorpay currently powers payments for over 5 Mn businesses including the likes of Facebook, Airtel, BookMyShow, Ola, Zomato, Swiggy, Cred, ICICI Prudential among others and is all set to reach 10 Million businesses by 2021.\u00a0<\/span><\/p>\n<p><b>About <\/b><a href=\"http:\/\/www.razorpay.com\/\"><b>Razorpay<\/b><\/a><b>:<\/b> <span style=\"font-weight: 400;\">Razorpay, a full-stack financial services company, and a recently crowned Unicorn, helps Indian businesses with comprehensive and innovative solutions built over robust technology to address the entire length and breadth of the payment and banking journey for any business. Established in 2014, the company provides technology payment solutions to over 5Mn businesses. Founded by alumni of IIT Roorkee, Shashank Kumar and Harshil Mathur, Razorpay is the second Indian company to be a part of Silicon Valley\u2019s largest tech accelerator, Y Combinator. Marquee investors such as GIC, Tiger Global, Sequoia Capital India, Ribbit Capital, Matrix Partners, Y Combinator and MasterCard have invested a total of $206.5 Mn through Series A, B, C &amp; D funding. Around 33 angel investors have invested in Razorpay\u2019s mission to simplify payments and banking and redefine how finance works in India.<\/span><\/p>\n<p><b>For more information, please contact:<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Hepsibah Rozario || <\/span><a href=\"mailto:hepsibah.rozario@razorpay.com\"><span style=\"font-weight: 400;\">hepsibah.rozario@razorpay.com<\/span><\/a><span style=\"font-weight: 400;\"> || +91 8884913468<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Amogh Yenagi\u00a0 || <\/span><a href=\"mailto:amogh.yenagi@razorpay.com\"><span style=\"font-weight: 400;\">amogh.yenagi@razorpay.com<\/span><\/a><span style=\"font-weight: 400;\">\u00a0 || + 91 9113649626<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>One out of Three offline businesses preferred Razorpay as their online payment partner as they went online for the first time SMBs in Tier 2 &amp; 3 cities contributed to 54% of Razorpay\u2019s digital transaction volume in 2020 Company aims to invest further in new Payment Technologies to provide businesses with a seamless and secure<\/p>\n","protected":false},"author":4,"featured_media":3856,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[27],"tags":[],"class_list":{"0":"post-3854","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-corporate"},"modified_by":"Amogh Yenagi","_links":{"self":[{"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/posts\/3854","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/comments?post=3854"}],"version-history":[{"count":1,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/posts\/3854\/revisions"}],"predecessor-version":[{"id":3855,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/posts\/3854\/revisions\/3855"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/media\/3856"}],"wp:attachment":[{"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/media?parent=3854"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/categories?post=3854"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/tags?post=3854"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}